US consumer sentiment rose in October for the first time in four months, helped by easing retail gas prices, but a gloomy economic outlook continues to cloud Republicans’ midterm prospects.
Despite the increase, “confidence remained on the long-term downward trend,” The Conference Board said. US gas prices are 40% higher than one year ago, driven by energy pressures resulting from the Iran war, which has spiked shipping costs and the price of many household items; the Federal Reserve is expected to hit pause on interest rates this week, but not for long, investors predicted.
“People hate paying more money for gas,” a former economic adviser to US President Donald Trump told The Associated Press. “Republicans may pay a high price for that.”
